Acurx Pharmaceuticals, Inc. (NASDAQ:ACXP) Sees Large Growth in Short Interest

Acurx Pharmaceuticals, Inc. (NASDAQ:ACXP) was the target of a significant growth in short interest in February. As of February 28th, there was short interest totalling 452,800 shares, a growth of 112.2% from the February 13th total of 213,400 shares. Currently, 2.7% of the company’s stock are short sold. Based on an average trading volume of 358,400 shares, the days-to-cover ratio is presently 1.3 days.

Analysts Set New Price Targets

Separately, HC Wainwright reaffirmed a “buy” rating and set a $12.00 price target on shares of Acurx Pharmaceuticals in a report on Friday, January 10th.

Acurx Pharmaceuticals Price Performance

Shares of NASDAQ:ACXP opened at $0.46 on Friday. The company has a market cap of $8.93 million, a P/E ratio of -0.42 and a beta of -1.71. Acurx Pharmaceuticals has a 1 year low of $0.43 and a 1 year high of $3.33. The stock’s fifty day moving average price is $0.74 and its 200-day moving average price is $1.32.

Insiders Place Their Bets

In other Acurx Pharmaceuticals news, CEO David P. Luci purchased 49,261 shares of the stock in a transaction dated Monday, January 6th. The shares were purchased at an average cost of $1.01 per share, with a total value of $49,753.61. Following the completion of the acquisition, the chief executive officer now directly owns 1,097,458 shares in the company, valued at $1,108,432.58. This trade represents a 4.70 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 29.60% of the company’s stock.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Acurx Pharmaceuticals stock. Prospect Financial Services LLC raised its position in Acurx Pharmaceuticals, Inc. (NASDAQ:ACXP) by 11.5% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 329,076 shares of the company’s stock after acquiring an additional 34,001 shares during the quarter. Prospect Financial Services LLC owned approximately 1.93% of Acurx Pharmaceuticals worth $268,000 at the end of the most recent quarter. 11.53% of the stock is owned by institutional investors and hedge funds.

Acurx Pharmaceuticals Company Profile

Acurx Pharmaceuticals, Inc, a clinical stage biopharmaceutical company, develops antibiotics to treat bacterial infections. The company's lead antibiotic candidate is ibezapolstat, a novel mechanism of action that targets the polymerase IIIC enzyme that is in Phase 2b clinical trial to treat patients with clostridium difficile infections.